by Calculated Risk on 4/05/2022 08:40:00 AM

From the Department of Commerce reported:

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $89.2 billion in February, down less than $0.1 billion from $89.2 billion in January, revised.

February exports were $228.6 billion, $4.1 billion more than January exports. February imports were $317.8 billion, $4.1 billion more than January imports.
emphasis added

Click on graph for larger image.

Exports decreased and imports increased in January.

Exports are up 20% compared to January 2021; imports are up 23% year-over-year.

Both imports and exports decreased sharply due to COVID-19, and have now bounced back (imports more than exports),

The second graph shows the U.S. trade deficit, with and without petroleum.

The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

Note that net, imports and exports of petroleum products are close to zero.

The trade deficit with China increased to $30.7 billion in February, from $24.6 billion in February 2021.